The electric vehicle (EV) battery market is spurring growing demand in battery metals such as lithium, copper, graphite and cobalt.
The electric vehicle (EV) battery market is spurring growing demand in battery metals such as lithium, copper, graphite and cobalt. As cobalt is often found as a byproduct of silver production, cobalt companies in Ontario are turning to old, past-producing silver mines in the province.
In a recent article on the town of Cobalt, Ontario and its potential mineral wealth, the CBC discussed the potential market growth for cobalt, particularly in regions outside of the conflict-ridden Democratic Republic of Congo (DRC).
The publication featured current explorers in the region including Canada Cobalt Works (TSXV:CCW) President and CEO Frank Basa, whose company is currently working on the Castle Silver mine. He believes that cobalt will bring the town back to its former glory.
“Everything in here runs cobalt,” he said to CBC, pointing to the ghostly pink hue that runs through every tunnel wall in the the abandoned Castle Mine. “What they did was they just took the high grade silver and left all the cobalt behind. Nobody wanted cobalt you see.” This poses significant potential in the current cobalt market.
The article also featured First Cobalt Corp. (TSXV:FCC, OTCQX:FTSSF, ASX:FCC) CEO Trent Mell, who discussed the positive drill results the company has uncovered at their project on the Canadian Shield.
He spoke about the response rate of cobalt miners against the demand for EVs. “As an industry, and as a cobalt explorer, we’re playing catch-up,” Mell says. “You and I can decide tomorrow to go out and buy an electric vehicle. But as miners we can’t respond quickly enough.” This could lead to potential cobalt shortages in the future.
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